I know this has been discussed but all the situations I read are all a little different, so U just wanted to ask. We are purchasing my parents second home. Payoff is around 155 to them, its valued in the mid 200's. We wanted to use the gift of equity and purchase it for 185 from them to cover down payment without going over the 30k gift limit. My parents purchased it for 165. Will they need to pay Capital Gains on the 20k difference? Or does it just count as the gift because they're not actually making that money? Any feedback would be appreciated.
... View more
We provide you with a way to opt-out of advertising activities on our websites
We leverage outside service providers who assist us with our marketing and advertising activities. Note: by opting-out of this tracking, you may still see Intuit advertisements, but they may not be tailored to your interests.